Figaro Coffee Group Inc | Photo courtesy of Figaro Coffee Group Inc’s Official Website
MANILA, Philippines—Restaurant chain operator Figaro Coffee Group Inc. (FCG) has priced its upcoming initial public offering (IPO) at 75 centavos per share, much lower than the maximum target, and also slashed the amount of shares it will bring to market.
This will bring FCG’s equity deal to P767.39 million, down by about 57 percent from the earlier projected maximum IPO price of P1.77 billion.
The earlier maximum price target was P1.28 per share.
Based on an advisory posted by the Philippine Stock Exchange on Thursday, FCG will now offer 930.166 million common shares plus about 93.02 million in additional shares for the over allotment option.
The maximum base offer was previously set higher at 1.26 billion shares plus an option to upsize by 126 million shares.
FCG has deferred its stock market debut to early 2022 in the aftermath of the Medilines Distributors Inc. listing debacle.